Some life insurers hit pause on older Americans during coronavirus crisis
April 22, 2020 by Suzanne Barlyn
(Reuters) – Some U.S. life insurers are deciding not to gamble on older Americans during the coronavirus crisis by temporarily suspending applications from certain age groups or imposing tougher requirements.
Prudential Financial Inc (PRU.N), Lincoln National Corp (LNC.N) and Protective Life Insurance Co are among the insurers that have made changes. Prudential and Protective are temporarily halting applications from individuals aged 80 or older, while Lincoln has postponed approving policies for that age group and others, the companies said.
Mutual of Omaha Insurance Co and Penn Mutual Life Insurance Co are temporarily suspending applications for individuals aged 70 or older. Securian Financial has stopped accepting new applications for those 71 and older until at least June 15, according to memos seen by Reuters.
Some insurers are also suspending applications for people in their 60s who previously may have been eligible for coverage despite common health problems such as diabetes or asthma.
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